<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001680048</cik>
        <entityName>MUSTANG BIO, INC.</entityName>
        <issuerAddress>
            <street1>377 PLANTATION STREET</street1>
            <city>WORCESTER</city>
            <stateOrCountry>MA</stateOrCountry>
            <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
            <zipCode>01605</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>7816524500</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>S.</middleName>
                <lastName>Weiss</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lindsay</firstName>
                <middleName>A.</middleName>
                <lastName>Rosenwald, M.D.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Neil</firstName>
                <lastName>Herskowitz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Manuel</firstName>
                <middleName>B.</middleName>
                <lastName>Litchman, M.D.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President and Chief Executive Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Adam</firstName>
                <middleName>J.</middleName>
                <lastName>Chill</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>J.</middleName>
                <lastName>Zelefsky, M.D.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>B</middleName>
                <lastName>Murphy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>377 PLANTATION STREET</street1>
                <city>WORCESTER</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01605</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Interim Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Biotechnology</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-06-19</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>H.C. Wainwright &amp; Co., LLC</recipientName>
                <recipientCRDNumber>000000375</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>430 Park Avenue, 3rd Floor</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>2513139</totalOfferingAmount>
            <totalAmountSold>2513139</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse>The offering amount reflects the aggregate purchase price received and exercise price due to the Company assuming cash exercise of all warrants issued to the accredited investor and placement agent in the private placement under Rule 506(b).</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>175931</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>In connection with the registered direct offering concurrent with the private placement, the placement agent received $175,931 and warrants to purchase up to 367,800 shares of common stock exercisable at $0.5125 per share.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>MUSTANG BIO, INC.</issuerName>
                <signatureName>/s/ Manuel B. Litchman, M.D.</signatureName>
                <nameOfSigner>Manuel B. Litchman, M.D.</nameOfSigner>
                <signatureTitle>President and Chief Executive Officer</signatureTitle>
                <signatureDate>2024-06-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
